ETH/USD forecast for the week of December 25, 2017, Technical Analysis

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Christopher Lewis

Updated Fri, Dec 22, 2017, 11:14 PM

Ethereum went back and forth during the course of the week, breaking above the $800 level at one point, but then sliding down as low as $500 underneath. The $500 level has been previous resistance, so the fact that it held as support is technically sound. Out of the weekly charts that I have been looking at, Ethereum looks the healthiest, but quite frankly I think we still see another attempt at the $500 level underneath. A breakdown below that level should send this market to the $400 level where it should find even more support. A breakdown below the $400 level should send this market to the $200 level. If we find the marks down to that level again, it will be interesting to see how things play out. The other crypto currency markets look horrific, so I think that’s going to have a bit of a “knock on effect” here in the Ethereum markets.

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ETH/USD Video 25.12.17

The brutal truth is that the crypto currencies that most people pay attention to have gotten so expensive they no longer are currencies. The transaction costs of making commerce with these things has gotten to the point where they are no longer useful. They are now speculative assets, and the last week has certainly shown just how quickly these things can change. From a longer-term perspective, you need to be very slow and diligent about jumping into these markets. I think you will get an opportunity to pick up Ethereum at a lower price, so if you are a longer-term “buy-and-hold” investor, be patient you should get an opportunity to pick up the currency on sale.

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